Investment management company Tourlite Capital Management released its second quarter investor letter, which can be downloaded here. This is the first letter by the fund, since its inception. In the second quarter, the fund returned 4.5% and the S&P 500 Index declined by -16.1%. You can check the top 5 holdings of the fund to know about its best picks in 2022.
In the letter, Tourlite Capital Management discussed its investment strategy and market outlook. The letter mentioned its various stocks in the portfolio like Alphabet Inc. (NASDAQ:GOOGL). The company is a multinational technology provider that operates internationally. Alphabet Inc. (NASDAQ:GOOGL) is headquartered in Mountain View, California, and has a market capitalization of $1.51 trillion. The stock of Alphabet Inc. (NASDAQ:GOOGL) closed at $116.32 per share on July 29, 2022. Alphabet Inc. (NASDAQ:GOOGL) had a return of 6.46% for the past month, whereas its 12-month return dropped to -14.60%.
Here is what Tourlite Capital Management discussed about Alphabet Inc. (NASDAQ:GOOGL) in its Q2 2022 investor letter:
"Alphabet Inc. (NASDAQ:GOOGL) is an attractive business with sustainable growth prospects and a strong moat due to its significant advantage in online search (Google) and network effect of user created content (YouTube). The secular trend towards online advertising and increased consumer spending will continue to support strong topline growth. Google Search is synonymous with online search and captures 85%-90% of the global search market. On a consolidated basis, Alphabet generates a 50%+ return on equity, has limited debt, and trades at ~5% forward free cash flow yield."
Alphabet Inc. (NASDAQ:GOOGL) is at 3rd position on our list of 30 Most Popular Stocks Among Hedge Funds. Our records show that 205 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOGL) at the end of the first quarter of 2022 compared to 209 in the previous quarter. Alphabet Inc. (NASDAQ:GOOGL) shares lost 0.75% of their value over the last 3 months.
We shared another article later this month on Alphabet Inc. (NASDAQ:GOOGL). In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.